Assumption Life has provided employee benefits in Canada for over 100 years. Founded in 1903, it’s one of the biggest insurance companies in Atlantic Canada. It offers many products and services to individuals and groups.
This review looks at Assumption Life employee benefits like health insurance, dental, life insurance, disability coverage, and critical illness insurance.
It examines Assumption Life’s plans for small and large employers. It compares their products to competitors. It highlights the main pros and cons.
About Assumption Life
Assumption Life has a long and storied history dating back to its founding by a group of Acadian immigrants in 1903. Originally founded as a fraternal society offering Insurance to French Canadian communities in Waltham, Massachusetts, the company later relocated its headquarters to Moncton, New Brunswick, in 1913. Some interesting facts about Assumption Life:
- Currently structured as a mutual company owned by policyholders rather than shareholders.
- Over $2 billion in assets under management (Source)
- Provides more than 75,000 Insurance and financial policies. (Source)
- Employs approximately 500 people (Source)
- The main product lines are life insurance, health/dental insurance, disability insurance, group critical illness insurance, annuities, and investment funds.
- Strong rating of A- from A.M. Best, indicating excellent financial strength
Assumption Life has expertise serving the Acadian and Francophone community, yet has maintained national reach across Canada for over a century.
The company’s group headquarters in Moncton houses a French call center, back-office operations, and some English services. Additional offices in Halifax, Montreal, Toronto, and Vancouver provide localized support.
For over a decade, Assumption Life has been recognized as one of Canada’s best-managed companies, evidencing its solid and prudent business practices. It often tops the rankings of the largest Atlantic Canadian insurance companies and remains a leading employer in New Brunswick.
Assumption Life Employee Benefits Overview
As an experienced provider of individual life and health insurance, Assumption Life is well-positioned to understand what employers and employees need from a group benefits plan.
The company brings a full suite of traditional group insurance products, along with some value-added services and innovations that can enhance the benefits experience for plan members.
Some of the leading products and services offered by Assumption Life include:
Health Insurance
Assumption Life covers a wide range of health expenses not covered under provincial healthcare plans, including prescription drugs, practitioners like physiotherapists and chiropractors, vision care, medical equipment and travel insurance. Health plans can be customized by selecting desired coverage levels, co-pays and deductibles. Add-ons like drug cards, hearing aids and paramedical coverage can be incorporated.
Dental Insurance
Assumption Life offers standard dental insurance plans that cover preventative services and basic and primary dental care. Employers can select the percentage coverage for different types of treatments and services, such as cleanings, fillings, crowns, bridges, and orthodontics. Dental implants, root canals, and other restorative options may also be added.
Life Insurance
Assumption Life’s life insurance plans pay out a tax-free lump sum to designated beneficiaries in the event of an employee’s death. Both primary and optional life insurance are offered. Optional plans allow employees to purchase additional coverage through payroll deduction. Included features include a waiver of premium for disability, conversion to individual policies when leaving employment, and early payout for terminal illness diagnosis.
Disability Insurance
The purpose of Assumption Life’s short-term and long-term disability plans is to protect an employee’s income stream in the event of illness or injury. Short-term disability replaces income for the first few months off work, while long-term payment is continued until age 65 for extended leave. The definition of disability and waiting periods before benefits can be adjusted to meet the employer’s needs and budgets.
Critical Illness Insurance
This lump-sum payout policy issued upon diagnosis of a qualifying critical illness gives employees cash to cover expenses stemming from major health events like cancer, stroke, or heart attack. The funds can enable employees to focus fully on their treatment and recovery without worrying about everyday finances.
In addition to traditional group insurance coverages, Assumption Life also offers a range of other services and innovations, including:
- Virtual healthcare access for convenient medical consultations
- Employee assistance programs providing counselling and wellness support
- Easy-to-use benefit administration platforms for HR and managers
- Employee communications and enrollment kits
- Integrated absence management programs to improve disability claims results
Assumption Life offers a full range of products to meet the needs of small, medium, and large employers for employee benefits.
The company takes a local approach to understand what businesses in your province need. It provides customized, cost-effective solutions for organizations and employees.
Advantages of Assumption Life Employee Benefits
Robust employee benefits plans can benefit employees and employers in multiple ways. For employees, generous benefits foster greater engagement, well-being and loyalty to the company.
And for employers, attractive benefits keep employees satisfied while helping to control costs and minimize turnover that can cripple productivity.
Some of the advantages Assumption Life’s benefit plans offer include:
Benefits for Employees
- Financial protection: Disability or critical illness insurance supplies vital income replacement.
- Peace of mind: Not worrying about healthcare costs allows employees to focus on work.
- Improved health: Increased coverage results in employees accessing care sooner.
- Work-life balance: Virtual medicine saves employees time travelling to appointments.
- Control over choices: Flexibility and customization give employees greater control.
- Portable coverage: Can take certain benefits to the next employer.
Benefits for Employers
- Recruiting advantage: Strong benefits packages enhance the employer brand.
- Increased retention: Good plans make it less likely for employees to leave for better benefits elsewhere.
- Higher engagement: Employees feel valued, which leads to higher discretionary effort.
- Enhanced productivity: Healthy and financially secure employees are more productive.
- Lower absenteeism: Access to proper healthcare results in fewer sick days.
- Tax efficiencies: Premiums are usually tax deductible as a business expense.
Assumption Life knows what employees value most in benefits plans. The company partners with employers to create plans with the right coverage and perks to build a productive, loyal workforce.
For organizations that want to control costs amid rising healthcare expenses while keeping employees satisfied, Assumption Life brings expertise to improve benefits creatively without increasing budgets.
Costs and Pricing of Assumption Life Employee Benefits
Of course, a primary concern for employers when selecting group benefits plans is cost and ensuring maximum value is derived from dollars spent on premiums. Assessing a provider’s pricing requires understanding a few factors that influence costs:
- Location: Premium rates vary among different provinces.
- Group size: Larger groups benefit from economies of scale.
- Demographics: Age and gender affect rates along with family sizes.
- Claims patterns: Groups with higher utilization get pricier premiums.
- Industry: Occupational risks drive life and disability insurance costs.
- Customization: More coverage means higher costs.
According to Assumption Life, average group benefits range from 5% to 15% of an employee’s base pay, depending on the employer’s size and sector. Each organization is rated individually, and its unique characteristics are accounted for.
Below are sample Assumption Life monthly premiums based on a group of 25 employees to indicate pricing:
- Health Insurance – $240 per employee
- Dental Insurance – $27 per employee
- Basic Life Insurance – $12 per $10,000 of coverage
- Critical Illness Insurance – $18 per $10,000 of coverage
- Short-Term Disability Insurance – 0.4% of salary
- Long-Term Disability Insurance – 1.1% of salary
Comparing Assumption Life’s premiums to major employee benefits providers in Canada like Manulife, Sun Life, Great West Life, and Pacific Blue Cross shows competitive group benefits pricing, particularly for smaller companies under 500 employees.
Their pricing edge comes from lower overhead and admin costs as a private Atlantic Canadian insurer. Having less bureaucracy than big insurers can mean savings passed to customers.
For organizations in Eastern Canada, Assumption Life is an affordable option worth including in any employee benefits proposal. Employers across the rest of Canada may also find Assumption Life’s pricing compelling but will want to validate regional service capabilities before making any supplier decisions.
Enrollment and Claims Process
An effective enrollment process ensures all employees are correctly set up under the new group benefits program. Assumption Life and its advisor partners provide turnkey support to guide employers through a smooth implementation, including:
- Reviewing employee data: confirming details like ages, salaries, and family sizes.
- Selecting plans: Working collaboratively to design plans that align with your budget.
- Finalizing pricing: Setting employee/employer contributions and premium costs.
- Enrolling employees: Assisting employees in selecting plans, coverage levels and beneficiaries.
- Implementation: Activating the new benefits plan across all systems and technologies.
Employees are given ample time to review their options and enroll in benefits, usually around 30 days during the open enrollment period. Once enrolled, they can conveniently access details on their coverage online or via Assumption’s mobile app.
To make the claims process as simple as possible for employees, Assumption Life offers multiple submission options, including:
- Mobile app: Snap a photo of receipts and submit it via the app.
- Online portal: Upload documentation directly to the claims portal.
- Mail: Send physical receipts by post.
- Telus EMR: Automatically submit e-claims from the doctor’s office.
Direct deposit ensures fast claims reimbursement in as little as 1-3 business days for approved claims. Assumption Life’s knowledgeable customer service team is readily available if any issues arise.
The bottom line
In closing, Assumption Life brings over 115 years of insurance expertise to deliver compelling employee benefits solutions explicitly designed to meet the needs of today’s diverse, multigenerational workforce.
Despite evolving from its French Canadian roots to expand nationally, Assumption Life retains a local approach, understanding precisely what employers in your community require to recruit, retain, and engage talent.
The company’s boutique-style service experience focuses on crafting benefit plans matching each organization’s unique priorities and budgets.
Though Assumption Life lacks the huge scale and bureaucracy of mega-carriers, its pricing is highly competitive for maximizing benefits dollars. For employers wanting a more intimate, long-term partnership, Assumption Life provides experienced, dedicated account leaders to enhance benefits as companies grow proactively and priorities change.